Regulatory Analysis
The Zimbabwe Revenue Authority announced the standard Value Added Tax (VAT) will increase by 0.5 percent. The standard VAT rate increased to 15% from 14.5% effective January 1, 2023. The public notice can be found here.
The Greek Tax Authority (IAPR) has released an update to its MyDATA requirements with the publication of decision A. 1188/2022 on December 31, 2022. This new decision includes important changes to the transmission deadlines and sector-specific requirements for electronic data transmission to IAPR, as well as other updates to the MyDATA requirements. Here are some […]
Pursuant to the 2023 Italian Budget through Senate Bill n. 442, effective 1 January 2023 the 5% reduced VAT applies to feminine hygiene and baby products. Baby products that will apply the 5% rate consist of baby diapers, child seats to be installed in motor vehicles, as well as powdered milk and food products for […]
As announced by the Spanish Ministry of Finance on 27 December 2022 and pursuant to Royal Decree-Law 20/2022, the reduced VAT rates applied to supplies of face masks and electricity have been extended. Surgical face masks will maintain the 4% VAT rate until 30 June 2023, and electricity will maintain the 5% VAT rate until […]
China previously announced from 1 April 2022 to 31 December 2022, small-scale VAT taxpayers would be exempt from VAT on taxable sales income subject to a 3% levy rate. The exemption was set to expire on 31 December 2022. The original announcement can be found here.
On May 5, 2020, Belgium temporarily applied a reduced rate of 6% to supplies, intra-Community acquisitions and imports of mouth masks. The Council of Ministers extended this reduced rate on masks until 31 December 2022. Beginning 1 January 2023 masks will return to being standard rated. The circular can be found here.
The 2023 French budget (2022-1726 of December 30, 2022) was published on 30th December 2022. Among several changes in the tax legislation, there was a change in the so-called Rural and Maritime Fishing Code. This Code regulates the additional contribution on premium amounts that relates to insurance agreements on agricultural operations covering Damage to buildings […]
The Norwegian Tax Authority have released the new tax rates for the Road Traffic Insurance Tax, the increase in the rates will come into effect from 1st March 2023. As before, the rates vary depending on the type of vehicle as displayed below: Type of Vehicle Traffic insurance contract that is taken […]
The Hungarian government published a new decree (No. 258/2022) on 24 December 2022. It was enforced on 25 December 2022 and modifies the initial government decree (No. 197/2022) regarding the imposition of extra profit taxes. It’s the second revision to the initial decree within six months that changes the requirements for the so-called insurance extra […]
Bulgaria has extended the temporary reduced VAT rate in Bulgaria due to Covid-19 through Decree No. 304 as published on 23 December 2022. The 9% reduced VAT rate has been temporarily extended until 31 December 2023 on restaurant and catering services consisting in the delivery of prepared or unprepared food. The reduced rate of 9% […]
The IRS recently made several updates to Publication 1220. The most impactful change is the addition of District of Columbia and Pennsylvania to the list of states participating in the CFS program. Each has been assigned a code (DC Code 11 PA Code 42). Neither state has released guidance about participating in the IRS program. The guide […]
The Portuguese government published Decree-law no. 85/2022, in December 21st 2022, which determines the postponement of the mandatory submission of the accounting SAF-T file regarding the year 2023 among other things. Instead, this obligation will only be applicable from tax year 2024 onwards. Considering that the accounting information is only reported in the following year, […]
On the 28th December 2022, Act no. 458/2022 Coll. was published in the Collection of Laws, which repeals the Sales Registration Act, which would come into force on 1 January 2023. Czech Republic had previously enacted the Sales Registration Act, which made mandatory to report in real-time to the Czech Tax Authorities electronic invoices from […]
The Spanish General State Budget for 2023 was published on 24 December 2022. Among the changes is the removal of the use and enjoyment rule for determining the place of supply of B2B and B2C sales of electronic services when such services are used or enjoyed in Spain. This change is effective 1 January 2023. […]
The Portuguese government published Decree-law no. 85/2022 amending Decree-law no. 198/2012 to change provisions concerning the communication of self-billed invoice elements to the tax authority (TA) via the E-Fatura Portal. The amendments were made to article 3 of the above-mentioned decree-law to clarify and include reporting obligations in case of self-billing. The following measures were […]
Illinois has released its 2022 Forms W-2G and 1099 Electronic Transmission Program Guide FIRE Format. Starting January 1, 2022 you are only required to submit forms 1099-K issued to a payee with an Illinois address electronically, if you are required by the IRS to electronically file forms 1099-K. For reporting periods starting January 1, 2022 […]
The Aruban Department of Taxes announced a 1% increase to the turnover tax (BBO) rate effective 1 January 2023. As a result the combined BBO, BAVP, and BAZV rate will increase to 7%. Please note that the proposed VAT system previously announced for implementation from 1 January 2023 has been delayed until 2024. The announcement […]
North Carolina has released its 2022 W-2 Electronic Specifications. There were no changes from last year’s publication. Penalty for failure to file reconciliation form NC-3 with each W-2, 1099 statement in electronic format via DOR eNC3 platform continues from last year. The informational return penalty is $200. Please see W-2 Specifications here.